Pay cut for HBOS and ITV chairman Sir Peter Burt

Sir Peter Burt, former HBOS and ITV chairman, has seen his pay slashed by a quarter at Promethean Investments, the private equity firm he advises.

The firm's four directors, including Burt and his son, Michael, saw their combined remuneration shrink by 25 per cent to £736,000. Turnover at Promethean's holding company fell 40 per cent to £1.4 million in the 12 months to last June. Profits, from which the directors' salaries are drawn, tumbled a similar amount to £736,100.